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142 investors with USD1.5 trillion in AUM call on EU to create an ambitious due diligence directive for both financial & non-financial companies
"Joint statement of support by responsible investors’ organisations for the Corporate Sustainability Due Diligence Directive (CSDDD)", 24 Nov 2022
Today, Eurosif, IAHR and the PRI, supported by 142 signatories, released a statement of support for an ambitious and effective EU directive on corporate sustainability due diligence (CSDDD). With this letter, signatories call for this EU directive to be a transformative step forward to ensure a positive impact along the entire value chain and that economic activities tied to the EU single market are conducted in a responsible manner.
Key recommendations of this statement
- Filling the gaps of the EU legislation in terms of due diligence requirements from financial and non-financial companies throughout the value chain
- Increasing the scope of financial and non-financial companies subject to the CSDDD
- Sufficiently clear and defined Directors’ responsibilities to ensure that they oversee the due diligence process in their companies
- Directors’ variable remuneration to be subject to sustainability performance using relevant E, S and G factors
- Clearly described transition plans requirements which must be aligned with other disclosure requirements such as the European Sustainability Reporting Standards (ESRS).
Next steps:
- 30th November 2022 – Deadline to amend Lara Wolters’ report in the JURI Committee of the European Parliament.
- 1st December 2022 – Competitiveness Council where the Council is expected to reach a general approach
- March 2022 – Expected timeline to reach an agreement in the European Parliament